Credito Fondiario SpA, the Italian banking unit that Morgan Stanley sold in October, hired Andrea Munari as chief executive officer as part of a plan to expand by buying and servicing bad debt.
Munari, 52, joins from Intesa Sanpaolo SpA’s Banca IMI unit, where he was general manager before stepping down in December, Rome-based Credito Fondiario said in an e-mailed statement today.
Italian banks are weighing options for separating bad loans, which have reached record levels and are curtailing their ability to lend. By splitting off some bad debt, the banks would also help counter capital shortages that might arise from the European Central Bank’s asset-quality review and stress tests.
There are “great opportunities for our business,” Munari said in the statement.
Tages Holding SpA, a Milan-based investment and advisory firm, bought Credito Fondiario from Morgan Stanley. Sergio Ascolani, a founder of Tages, is also joining Credito Fondiario’s board, the company said today.
Munari had previously worked at Barclays Plc and was a managing director in fixed-income and global capital markets at Morgan Stanley before joining Banca IMI.